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Mint
6 days ago
- Business
- Mint
Activist 7Square pushes Germanys Nuernberger to consider rival offers
By Alexander Hübner and Emma-Victoria Farr FRANKFURT, Aug 12 (Reuters) - Nuernberger Beteiligungs AG should consider rival takeover offers, activist investor 7Square wrote in a letter to the German insurer's board on Tuesday, stating that a potential bid by Vienna Insurance Group undervalues the business. The life-insurance, property and casualty insurance divisions of Nuernberger have underperformed for years, 7Square, which holds an unspecified stake in Nuernberger, wrote in the letter seen by Reuters. Yet the group could be worth as much as 1.6 billion euros ($1.87 billion), it said. Bloomberg reported on the letter earlier on Tuesday. Nuernberger did not immediately reply to requests for comment on 7Square's letter. Vienna Insurance Group declined to comment. Shares of Nuernberger fell 0.7% in Frankfurt on Tuesday, giving it a market value of 700 million euros. Vienna Insurance Group announced last week it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price. Nuernberger should end discussions with VIG and start a new sales process to explore strategic options, 7Square wrote in the letter. A sale to the Viennese company would be "extremely disadvantageous and value-destroying for shareholders," it added. Nuernberger's investors include Munich Re, Hannover Re, Swiss Re and Japan's T&D Holdings. "We have concrete knowledge of the interest of several strategic investors, who would be interested in acquiring the life-insurance division or the entire Nuernberger Group," 7Square wrote in the letter. 7Square is also calling on Nuernberger to lift transfer restrictions on its shares, which requires the management board to approve significant stock transactions. As Nuernberger shares are listed on Frankfurt's over-the-counter 'Scale' segment, an acquirer of a majority stake would not be required to make a mandatory offer for the remaining shares, which 7Square said would permanently reduce the value for all shareholders. 7Square advises hedge funds and activist shareholders on publicly listed German companies, occasionally investing itself. ($1 = 0.8570 euros) (Reporting by Alexander Huebner and Emma-Victoria Farr; Editing by Joe Bavier)
Reuters
6 days ago
- Business
- Reuters
Activist 7Square pushes Germany's Nuernberger to consider rival offers
FRANKFURT, Aug 12 (Reuters) - Nuernberger Beteiligungs AG ( opens new tab should consider rival takeover offers, activist investor 7Square wrote in a letter to the German insurer's board on Tuesday, stating that a potential bid by Vienna Insurance Group ( opens new tab undervalues the business. The life-insurance, property and casualty insurance divisions of Nuernberger have underperformed for years, 7Square, which holds an unspecified stake in Nuernberger, wrote in the letter seen by Reuters. Yet the group could be worth as much as 1.6 billion euros ($1.87 billion), it said. Bloomberg reported on the letter earlier on Tuesday. Nuernberger did not immediately reply to requests for comment on 7Square's letter. Vienna Insurance Group declined to comment. Shares of Nuernberger fell 0.7% in Frankfurt on Tuesday, giving it a market value of 700 million euros. Vienna Insurance Group announced last week it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price. Nuernberger should end discussions with VIG and start a new sales process to explore strategic options, 7Square wrote in the letter. A sale to the Viennese company would be "extremely disadvantageous and value-destroying for shareholders," it added. Nuernberger's investors include Munich Re ( opens new tab, Hannover Re ( opens new tab, Swiss Re (SRENH.S), opens new tab and Japan's T&D Holdings (8795.T), opens new tab. "We have concrete knowledge of the interest of several strategic investors, who would be interested in acquiring the life-insurance division or the entire Nuernberger Group," 7Square wrote in the letter. 7Square is also calling on Nuernberger to lift transfer restrictions on its shares, which requires the management board to approve significant stock transactions. As Nuernberger shares are listed on Frankfurt's over-the-counter 'Scale' segment, an acquirer of a majority stake would not be required to make a mandatory offer for the remaining shares, which 7Square said would permanently reduce the value for all shareholders. 7Square advises hedge funds and activist shareholders on publicly listed German companies, occasionally investing itself. ($1 = 0.8570 euros)
Bloomberg
7 days ago
- Business
- Bloomberg
Activist 7Square Pushes Nuernberger to Entertain Rival Offers
Activist investor 7Square is pushing German insurer Nuernberger Beteiligungs AG to consider rival takeover offers, saying a potential acquisition by Vienna Insurance Group wouldn't reflect its full value. The life-insurance business and the property and casualty operations of Nuernberger have underperformed for years, 7Square wrote in a letter to board members seen by Bloomberg News. VIG announced last week it's in exclusive due diligence on the potential acquisition of a controlling stake in the German company, without specifying a possible price.
